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2200 E. Devon Ave., Suite 246, Des Plaines IL. 60018
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NAR Ethics Sample Exam
NAR Ethics, IL. Lic. #564.001700
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1. The Code of Ethics takes precedence over the Laws of the State.
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2. The National Association of Realtors© is a government organization.
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3. The Code of Ethics and Real Estate Laws of the State are not the same thing.
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4. As a REALTOR® you shall dedicate yourself to being a professional in the real estate industry.
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5. As a REALTOR® you must continuously strive to remain informed and willingly share your experience
and knowledge with others.
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6. As a REALTOR® you must never attempt to gain unfair advantage over your competitors.
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7. As a REALTOR® you must refrain from unsolicited comments about competitors.
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8. If you comment about competitors your opinion does not have to be objective or professional.
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9. As a REALTOR® you pledge yourself to protect and promote the clients best interest even at the
expense of honesty.
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10. The Code of Ethics does apply when representing yourself in a transaction.
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11. As a REALTOR® you can mislead a consumer as to market value to get a listing.
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12. You must present all offers objectively and as quickly as possible.
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13. You do not have to continue to present offers if the seller has accepted an offer.
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14. You can not disclose confidential information without permission.
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15. You must inform potential buyer/tenant client of agency relationships including dual agency and let
them know how compensation and possible offsetting coop’s will work.
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16. You can disclose the existence of other offers without consent of the owner.
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17. You should advise on matters outside the scope of your real estate license.
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18. REALTORS® shall avoid exaggeration, misrepresentation, or concealment of pertinent facts.
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19. You have a duty to discover latent defects.
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Copyright© Sure Win Inc. IL. Lic. #564.000223 06/2016
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20. As a REALTOR® if you offer cooperation to other brokers, it must include compensation.
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21. As a REALTOR® you can change the compensation for coop’s at any time without notice.
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22. You shall not misrepresent the availability of access to show or inspect a listed property at anytime.
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23. Ownership or possible future ownership by a REALTOR® only needs to be disclosed at time of
contract.
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24. You can not provide real estate services to a consumer if you will, have, or want to have an interest
in the property, unless such interest is fully disclosed.
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25. You shall not accept any commission, rebate, or profit on expenditures made by your client, without
the client’s knowledge and consent.
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26. All related services fees and/or benefits received by you and/or your broker from referrals of a
customer or client must be disclosed to the customer or client.
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27. If you have a direct interest in an organization or business that you refer customers or clients to, your
interest must be disclosed upfront.
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28. You can receive compensation from more than one party in a transaction without disclosure.
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29. As a REALTOR® you shall make sure a true copy of the contract is provided to each party upon
signing or initialing.
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30. While providing services or employment you can discriminate.
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31. As a REALTOR® you can undertake a real estate specialization other than your field of competence
without disclosure to the client.
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32. You can offer or advertise property without authority.
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33. As a REALTOR® all websites must include the sponsoring broker’s business name only.
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34. You can not use URL names to mislead the public.
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35. As a REALTOR® you can give legal advice or practice law.
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36. You can file multiple ethics complaints for the same violation of the Code of Ethics.
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37. You can not interfere with another Realtors® exclusive client.
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38. You have an obligation to determine if a current exclusive agreement is in place for the same service
before entering into an exclusive agreement with a client.
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39. Negotiation of your compensation must be independent of negotiation of an offer.
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40. You can refuse to present an offer contingent upon receiving more compensation.
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41. According to the Code of Ethics you must cooperate with other brokers even if it is not in the best
interest of your client.
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42. You have an obligation to the public to be competent in your real estate practice.
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43. You can quote prices other than agreed upon prices as long as it is in the seller’s best interest.
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44. When advertising your own property without going thru your brokerage, no license disclosures are
required until a buyer brings an offer.
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45. You need consent to display any sign for sale, rent, or lease.
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46. When disagreements arise amongst Realtors®, it should be arbitrated thru the board.
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47. The Code of Ethics was originally established based on existing State licensing laws.
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48. The purpose of the Code was to establish a professional standard of conduct for real estate
practitioners.
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49. You can file an ethics complaint based on the Preamble of the Code of Ethics.
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50. A non-member can not file an ethics complaint.
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51. If you want to file an ethics complaint, you file it first with the national association.
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52. Arbitration mainly deals with procuring cause cases.
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53 . A fine of up to $5000 can be assessed for an ethics violation.
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54. If an ethics complaint requires a hearing it is forwarded the Professional Standards Committee.
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55. The Grievance committee is the only part of the association that deals with ethics complaints and
arbitration.
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56. Pathways to Professionalism establish professional courtesies and etiquettes for REALTORS®.
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57. Mediation is where the parties come to a mutual solution where arbitration a solution is decided
for the parties.
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58. Since the Pathways to Professionalism are voluntary you do not need to follow them.
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59. You can obstruct a Code of Ethics violation investigation.
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60. You can be disciplined for the same violation of the Code of Ethics by more than 1 local board.
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61. An Ethics complaint is to conduct as Arbitration is to money.
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Copyright© Sure Win Inc. IL. Lic. #564.000223 06/2016